Vior Inc. : Drilling to Soon Begin on the Douay Property; Appointment of A New Vice-President Exploration; Amendment to the Company's Stock Option Plan; Granting of 1,590,000 Stock Options
QUEBEC, CANADA -- (Marketwire) -- 11/03/10 -- SOCIETE D'EXPLORATION MINIERE VIOR INC. (TSX VENTURE: VIO)(FRANKFURT: VL5).
Drilling to soon begin on the Douay property
The Company and partner Aurvista Gold Corp. ('Aurvista') wish to announce that an important 12,000-meter, diamond-drilling program is slated to begin mid-November on several targets of the Douay project. This program will be testing numerous targets, one of which being the lateral and depth extensions of the Douay Ouest deposit where recent calculations yielded a Measured and Indicated Resource of 313,000 tonnes at 7.75 gram per tonne (g/T) gold, and an additional Inferred Resource of 267,000 tonnes at 8.53 g/T gold (press release of January 28th, 2010). Some of the drill holes at Douay Ouest will aim at transforming categories from resources into reserves. The drill program will also be testing near-surface mineralized extensions of the Porphyre Zone, as well as the unexplored sectors along the Contact Zone located at the interface between conglomerates and syenitic intrusions. The program should be ongoing until spring 2011. Work will be supervised by Mr. Marc L'Heureux who is the Company's Qualified Person under National Instrument 43-101.
Appointment of a new Vice-President Exploration
Vior announces that Mr. Marc L'Heureux has been appointed as new Vice-President Exploration of the company. Mr. L'Heureux succeeds to Mr. Jacquelin Gauthier, who remains with the company as special advisor. Mr. Gauthier will also pursue other opportunities.
Mr. L'Heureux has more than 20 years of experience as a professional geologist in exploration for gold, nickel, base metals and diamond in North and Latin America. He has served for Cambior, Falconbridge and Barrick up to 1997. Following that, he worked for junior corporations such as Boreal Exploration, GlobeStar Mining, Majescor Resources and Everton Resources. Mr. L'Heureux holds a degree in Geology and a Master Degree in Earth Sciences (Applied Geochemistry), which he received from the University of Quebec in Montreal and University of Quebec in Chicoutimi, respectively. He is also a member in good standing of the Ordre des geologues du Quebec.
Mr. L'Heureux was granted 500,000 stock options at an exercise price of $0.10 per stock option and their expiry date is October 31, 2020.
Mr. Claude St Jacques, president of Vior, is pleased to welcome Mr. L'Heureux to the team. He is taking the opportunity to thank Mr. Gauthier for the work he has accomplished during the last 18 months.
Amendment to the Stock Option Plan
The company announces that the Board of Directors has approved a series of amendments to the company's stock option plan (the 'Plan') as to increase the number of reserved shares, which may be issued in accordance with the Plan, to 9,467,312 representing about 10% of the current number of issued and outstanding shares, and to update the Plan with respect to TSX Venture's new rules.
Indeed, the company has amended its Plan, among other things, to (i) allow for granting of options valid for a 10-year period and (ii) to extend the expiry date of stock options to 12 months (rather than the current 90-day period) following the date where this person is no longer eligible in virtue of the Plan, except for people providing investor relation services where the 90-day period remains unchanged.
Granting of 1,590,000 stock options
Vior announces the granting of 1,500,000 stock options (including the 500,000 stock options granted to Mr. L'Heureux) to its directors, officers, and services providers, at the exercise price of $0.10 per share, which is the minimal price required by the TSX Venture. Of this number, 1,500,000 have been granted to the directors and officers of the company and 90,000 have been granted to the services providers. These options are valid until October 31, 2020.
About Aurvista
Aurvista Gold Corporation has interests in Quebec based mining claims and is engaged in early stage exploring as well as developing promising gold properties in Northern Quebec.
About Vior
Vior is a growing mining company focused on developing its properties. The company owns a 50% participating interest in the Douay Ouest gold project and other mineral properties.
The TSX Venture Exchange (TSX Venture) does not accept responsibility for the adequacy or accuracy of this Press Release.
Contacts:
Vior Inc.
Claude St-Jacques
President
418-692-2678
cstjacques@vior.ca
Vior Inc.
Marc L'Heureux
Vice-president Exploration
418-692-2678
mlheureux@vior.ca
www.vior.ca